IAPC upgrades its auditing pronouncements, issues guidance.
The international auditing practices committee (IAPC IAPC Instantly Available PC
IAPC International Auditing Practices Committee
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IAPC Internet anti Piracy Campaign ) of the International Federation of Accountants The external links in this article or section may require cleanup to comply with Wikipedia's content policies. has voted to redesignate its International Auditing Guidelines (IAGs) as International Standards on Auditing International Standards on Auditing (ISA) are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants. (ISAs). The IAPC also approved the issuance of a number of new publications.
ISA (1) (Instruction Set Architecture) See instruction set.
(2) (Interactive Services Association) See Internet Alliance.
(3) (Internet Security and Acceleration) See .NET. 1, Objective and Scope of the Audit of Financial Statements, and ISA 3, Basic Principles Governing an Audit, were combined into and superseded by Revised ISA 1, Objective and Basic Principles Governing an Audit.
In addition, three standards--ISA 6, Study and Evaluation of the Accounting System and Related Internal Controls in Connection With an Audit; ISA 20, The Effects of an EDP (Electronic Data Processing) The first name used for the computer field.
EDP - Electronic Data Processing Environment of the Study and Evaluation of the Accounting System and Related Internal Controls; and ISA 29, Inherent and Control Risk Assessments and Their Impact on Substantive Procedures--were combined as Revised ISA 6, Risk Assessment and Internal Control; and Addendum 1 to Revised ISA 6, EDP Characteristics and Considerations.
The IAPC also issued two exposure drafts.
The first ED, Proposed ISA, Knowledge of the Client's Business, sets out what is meant by knowledge of a client's business, why it is important to the auditor and the audit staff working on an engagement and how the auditor obtains and uses that knowledge.
The second ED, Proposed Addendum 2 to Revised ISA 6, Audit Considerations Relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc Service Organizations, provides guidance to a client auditor to satisfy the requirements of ISA 6 when the client uses a service organization.
Comments on both EDs are requested by March 31, 1992.